作　者：程雪军
关键词：金融科技监管；法律金融学；监管科技；系统治理经验；监管沙盒模式；平台企业；数据垄断；混业经营
摘　要：

 从法律金融学理论看，广义金融科技在信息技术驱动下历经金融信息技术、互联网金融与金融科技等发展阶段，其发展质量与效率快速提升，并对应形成机构监管、功能监管与双峰监管。然而，金融科技在创新发展中面临法律、金融与技术层面的系统化监管困境：金融科技的法律监管范围与时效有限；金融科技的监管体制与模式难以适应金融科技的创新；金融科技的监管技术落后，难以应对金融科技的冲击。对金融科技实施有效治理，具有明显的必要性。通过采用法律金融学方法，对域外大陆法系与海洋法系典型国家的金融科技系统治理开展比较分析，我国可以积极借鉴钱学森的系统工程理念，从单维度的政府监管上升至多维度的系统治理，从而全面勾勒出金融科技稳健发展的系统治理图景：加强金融科技的法律治理系统建设；深化金融监管体制改革，积极探索金融科技监管新模式；强化金融科技的监管技术建设，提升数字化监管的技术水平。

 

The Regulatory Dilemma and System Governance of Financial Technology from the Perspective of Law and Finance

Cheng Xuejun（Tongji University）

Abstract  From the theoretical perspective of law and finance, financial technology in its broad sense  has gone through the stages of financial information technology, internet finance and financial technology driven by emerging information technology, and advanced correspondingly institutional regulation, functional regulation, and twin peaks mode of regulation with quality and efficiency rapidly improved. However, financial technology still faces systematic regulatory challenges at the legal, financial, and technological levels in its innovative development: the legal regulatory scope and timeliness of financial technology are limited; the regulatory system and model of financial technology are difficult to adapt to the innovation of financial technology; the regulatory technology of financial technology is outdated, making it difficult to cope with the impact of financial technology. It is indispensable to implement effective governance of financial technology.  By adopting the research method of law and finance to conduct a comparative analysis of the financial technology system governance of typical countries of civil law system and marine law system, China can actively draw on Qian Xuesen's notion of systems engineering to upgrade single-dimensional government regulation  to multi-dimensional system governance, thereby ushering in the prospect for system governance of stable development in financial technology: legal governance system of financial technology is to be reinforced; reform of the financial regulatory system to be reformed to pursue new modes of financial technology regulation; regulatory technology to be consolidated to improve the technical level of digital regulation.

Key words financial technology regulation; Law and Finance; regulatory technology; system governance experience; regulatory sandbox model; platform enterprises; data monopoly; mixed-ownership operation

 

■作者简介 程雪军，同济大学法学院助理教授、高级经济师，上海 200092。

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